On September 26, 2012, after the market closed, Peregrine disclosed that it had received a notice of default from one of its lenders which deemed the Company’s disclosure on September 24, 2012 concerning the Phase II trial results to be a material adverse change under the terms of the loan agreement and, as a result, the lender accelerated the repayment of the loan and demanded repayment in full for the outstanding loan amount. On this news, Peregrine shares fell another $0.55 per share, or over 33%, to close at $1.11 per share on September 27, 2012.About Lieff Cabraser Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last ten consecutive years. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of all persons who purchased or otherwise acquired the securities of Peregrine Pharmaceuticals, Inc. (“Peregrine” or the “Company”) (NASDAQ: PPHM) between July 16, 2012 and September 26, 2012, inclusive (the “Class Period”). If you purchased or otherwise acquired Peregrine securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 27, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action. Peregrine shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358. Background on the Peregrine Securities Class Litigation Peregrine is a biopharmaceutical company focused on the research, development and commercialization of therapeutics for cancer and viral infections. The actions allege that during the Class Period, defendants issued materially false and misleading statements regarding the effectiveness of one of its key products, bavituxmab, an experimental drug for the treatment of non-small cell lung cancer. Specifically, defendants failed to disclose that there were major discrepancies in the results of the Company’s Phase II bavituxmab trial involving patients with second line non-small cell lung cancer, and that the results Peregrine previously disclosed were not reliable. On September 24, 2012, Peregrine disclosed that it had discovered “major discrepancies” in the treatment group in the Phase II trial and cautioned investors that they should not rely on previously reported clinical data from the Phase II trial. On this news, Peregrine shares fell $4.23 per share, or over 78%, to close at $1.16 per share.